Hey guys, today in this article, we will discuss easy-to-use alternatives to using paper checks. So keep reading.
With the growing popularity of digital payment platforms, personal checks have become a thing of the past. Sending checks in the mail used to be an easy way to send money, but there are now several more convenient methods.
Online payments sent with a reliable provider or digital banking service are also significantly more secure than traditional checks.
For businesses, a check printing and mailing service is something you can access by outsourcing. In this article, we’ll discuss a few of the best ways to send money electronically without the hassle of putting all your payment details down on paper.
The Drawbacks Of Using Paper Checks
First, let’s review a few of the reasons why it’s time to digitize your payments. There are several disadvantages to using a paper check that goes beyond the simple lack of convenience.
In the past two decades, paper check usage has declined steadily year over year. As a result of the pandemic and its economic impact, checks have essentially become obsolete for non-business transactions.
Check printing and mailing is considerably less secure than most online payment and transaction platforms. While there are plenty of check stock features that can improve the security of your paper checks, they can’t offer the same assurances as sending something online.
In addition, the longer your check spends in the mail, the less likely it is to reach the payee successfully.
The cost of high-security check mailing can add up quickly, particularly if you’re sending a payment to someone in another state or country.
First-class mailing or certified mail are usually the best options for sending a check, but the prices are often steep. As of early 2022, postage rates for these tiers of service continue to increase.
Check fraud is the most commonly occurring type of payment fraud, accounting for more than two-thirds of all fraud cases. If your check doesn’t have security features such as controlled paper stock, a chemical wash detection box, or microprinting, it’s all too easy for anyone who intercepts your payments to steal your money. By using digital payment methods, you’re helping to ensure the safety and security of finances.
Best Alternatives To Using Paper Checks
Digital payment platforms offer innovative and reliable ways to pay that don’t necessarily require a debit or credit card. In addition, they are usually a reliable way to avoid using paper checks or cash.
Let’s review a few of your best options for this online service so that you can find the one or two that best suit your needs.
Venmo And PayPal
Paypal is one of the longest-standing payment processing platforms for online and personal payments. If you’re purchasing something online, it’s usually a good idea to use PayPal as an intermediary between the provider service and your accounts.
You can link a credit card to your PayPal account, but in most cases, it’s just as easy and just as secure to link your bank account instead.
Venmo, a platform for sending money between friends, is a product of the PayPal company. It introduces a social aspect to sending payments, which may not appeal to everyone, but makes sharing money undeniably easy and casual.
For international transactions, PayPal is usually the best payment option for avoiding most of the fees associated with paying someone with foreign currency, particularly if you’re using a credit card.
Google And Apple Pay
Your Google or Apple wallet allows you to make payments and send money without the hassle of writing out a check or counting out cash.
These platforms are also exceptionally valuable in that they make contactless payments at in-person shops easy. To activate this side of the platform, you’ll need a mobile device that supports NFC.
Luckily, most smartphones on the market carry this feature.
Google Wallet is another feature that’s integrated with Google Pay, allowing the user to hold a set balance in their account separate from their credit card or bank account integration.
Both Google Pay and Apple Pay have become increasingly popular and more widely accepted, even in the past three to five years.
Skrill And Zelle
Skrill and Zelle are alternative platforms to PayPal, produced and operated by two separate companies. However, they offer many of the same features.
The goal of each application is to make sending money to friends and family as easy as possible. However, the payee will usually need an account to receive the payment.
PayPal and Venmo have a considerably greater body of users and a longer track record of high-quality online security for personal and business payments. They’re usually the platforms of choice for paying your friends and family.
Bank transfers, directly between two accounts, are still the most secure option for making an online payment. However, they can often incur fees if the two accounts are held at different banks.
In addition, you’ll need to know both the routing number and the payee’s account number. As a result, these types of payments aren’t particularly useful unless you’re paying someone you know very well, such as a family member.
However, they are still a faster, more secure option in comparison with paper checks.
Conclusion – How To Avoid Using Paper Checks
Making a payment with a paper check isn’t a necessity if you have one of these digital payment platforms on your side. PayPal, Venmo, Skrill, and Zelle are also easy-to-use options for sending money to friends and family without putting the security of your critical information at risk.
You won’t have to worry about check fraud, mailing delays, or theft getting in the way of making a payment. While checks are still a functional, practical part of B2B transactions, they are largely obsolete for personal use.